NETHERLANDS - Fons Lute, formerly managing director of alternative strategies at PGGM, has joined absolute return investment boutique Cyrte Investments, as managing director, business development.
In his new role, Lute will be responsible for broadening the company's select range of institutional investors and developing new, investable products.
Lute was at PGGM for two years and has been a member of its investors' committee. As director of alternatives, he was responsible for around €17bn-worth of assets. He was previously chief investment officer at Blue Sky Group.
Lute said that he moved companies partly to get back to a hands-on asset management role.
He told IPE: "Being a managing director is primarily a management job, and since we had very capable investment managers, I had little to do with the job of investing itself."
Lute has worked with Cyrte Investments for some time, as PGGM invests in its funds. He said that part of the company's appeal is its innovative approach to investment ideas, supported by its own think-tank.
He said: "Static situations do not exist in life. The company thinks about the future, how people spend money on new things and how they can make them investable. Furthermore, the outstanding investment philosophy and the rigorous investment process have proven to be successful in the past and have great potential to do so in the future."
According to Lute, one of Cyrte's successes has been recognising hegemonic change in emerging markets.
"The successful Brazilian Telecom fund, launched in 2006, is based on the belief that the Brazilian middle classes will grow, and that the government has the right policy mix. However, those parameters are not necessarily the same for other Latin American countries," he added.
Cyrte is now planning to launch a new Latin American Fund next year, following 2009's launch of an Africa Fund.